Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Comments on URA private residential price index flash estimates Q1 2024

Xian Yang Wong • 01/04/2024

Singapore's overall private housing prices grew 1.5% qoq in Q1 2024, based on URA flash estimates, easing from 2.8% qoq growth in Q4 2023. Nonetheless, homebuying sentiments remain cautious amidst heightened price levels, cooling measures, and slowing wage growth.

Overall private residential volumes remain muted. Private residential volumes reached about 3,482 units in Q1 2024 (based on data as of mid-March) and this represents a 20% qoq and 16% yoy fall respectively.

The increase in prices were driven by both landed and non-landed segments which saw price growth of 3.4% qoq and 1.0% qoq respectively in Q1 2024. Landed prices remain supported by local upgrading aspirations, limited supply, and heightened construction costs.

For the non-landed market, broad-based price growth was observed across all three segments with the Core Central Region (CCR) leading growth at 3.1% qoq in Q1 2024. The CCR could be seeing signs of catch-up growth given its historical underperformance. CCR prices grew by about 11% cumulatively over 2021 to 2023, starkly behind the Rest of Central Region (RCR) and Outside Central Region (OCR), which grew by over 30% each. That said, part of this outperformance could be driven by price fluctuations due to low volumes. CCR volumes are estimated to have reached only about 500 units in Q1 2024 (based on caveat data as of 1st April 2024), a decrease of 33% qoq, and the lowest quarterly volumes in close to four years.

OCR non-landed price growth slowed to 0.4% qoq in Q1 2024 compared to previous quarter’s 4.5% qoq growth. OCR’s prices continue to be supported by steady demand for projects with strong locational attributes. For example, Lentor Mansion, which was launched in March, contributed to more than half (55%) of Q1 2024 OCR new sales volume (based on caveat data as of 1st April 2024) at median price of $2,269 psf. The project is about 75% sold out.

Rest of Central Region (RCR) non-landed prices rebounded by 0.2% qoq, reversing from previous quarter’s 0.8% qoq decline.

Overall private residential price is forecasted to grow by up to 3% in 2024, easing from 6.8% yoy growth in 2023. We expect local demand for private housing to remain resilient, supported by still-low unemployment rates and strong household balance sheets, though buyer affordability remains weighed down and buyer resistance is set to rise due to still-high interest rates and heightened housing prices. Baring new cooling measures and unforeseen economic shocks, overall sales volumes are expected to end at 18,000-21,000 units in 2024, compared to 19,044 units in 2023.


Insights • Economy

Navigating Southeast Asia's Economic Growth: Trends Challenges and Opportunities

The Southeast Asia economy is expected to grow by 4.6% in 2024, faster than 2023’s growth of 4.0%. What is shaping the economic and real estate landscape of Southeast Asia, and what are the trends that are shaping the region's future?
Xian Yang Wong • 13/05/2024
SG Cold Chain Market card image.jpg
Insights • Investment / Capital Markets

Singapore Cold Chain Market

Singapore’s cold chain market offers an attractive long-term investment with steadily growing rents underpinned by limited supply due to high barriers of entry.

APAC Data Centre Update

The operational capacity of Asia Pacific’s* data centre markets has surpassed the 10GW mark, with ~800MW of new supply added in H2 2023 bringing the total regional live capacity up to 10.6GW. We continue to witness a robust development pipeline with 3.9GW under construction throughout the region and 9.4GW in planning stages, which is an increase of ~900MW since our last update.

Singapore Market Outlook 2024

Globally, inflation appears to be stabilising, and interest rates have possibly reached their peak, suggesting a potential soft landing for the global economy.
The Appeal of Co-Living in Singapore

The Appeal of Co-Living in Singapore

The demand for co-living has heated up in recent times, fueled by a confluence of surging residential rents and prices as well as construction delays of new homes
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All